Diana Shipping Inc. Announces New Time Charter Contract for M/V Leto
ATHENS, Greece, March 24, 2025 – Diana Shipping Inc. (DSX), a distinguished global shipping company, has recently announced a new time charter contract signed through one of its subsidiaries. The contract is with Cargill International SA, Geneva, for the Panamax dry bulk vessel, m/v Leto.
Terms of the Charter
Under the terms of this agreement, the m/v Leto will be chartered out at a gross charter rate of US$12,750 per day. It’s important to note that this rate will be subject to a 4.75% commission paid to third parties. The charter period is set to begin on March 31, 2025, and will continue until a minimum of July 16, 2026, and a maximum of September 16, 2026.
Impact on Diana Shipping Inc.
This new charter contract represents a significant development for Diana Shipping Inc. as it adds to the company’s growing fleet of chartered vessels. With the addition of the m/v Leto, the company will further strengthen its position in the dry bulk shipping market. This new charter is expected to generate substantial revenue for the company, contributing to its overall financial growth.
Global Market Implications
The charter market for dry bulk vessels has been experiencing a period of volatility due to various external factors such as supply chain disruptions, geopolitical tensions, and economic uncertainty. This new charter contract between Diana Shipping Inc. and Cargill International SA can be seen as a positive sign for the market, indicating that demand for dry bulk vessels remains robust.
Further Analysis
- The new charter rate of US$12,750 per day is above the average charter rates for Panamax vessels in recent years, indicating a positive trend for the market.
- The charter period of 19 months (minimum) to 21 months (maximum) is relatively long, suggesting a stable demand for dry bulk vessels from major players like Cargill International SA.
- The charter market for dry bulk vessels is expected to remain competitive, with many players vying for a share of the market. This competition is likely to drive charter rates upwards, benefiting owners of dry bulk vessels.
Conclusion
The charter contract signed between Diana Shipping Inc. and Cargill International SA for the m/v Leto is a positive development for both parties involved. It represents a significant revenue-generating opportunity for Diana Shipping Inc. and a reliable source of dry bulk transportation for Cargill International SA. Furthermore, this new charter contract is a positive sign for the dry bulk shipping market, indicating that demand for dry bulk vessels remains strong despite external challenges.
As a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, Diana Shipping Inc. continues to adapt to market conditions and secure profitable charter contracts. With a growing fleet of chartered vessels, the company is well-positioned to capitalize on the ongoing demand for dry bulk transportation.
From a broader perspective, this new charter contract is a positive sign for the dry bulk shipping market, suggesting that demand for dry bulk vessels remains robust despite external challenges. As the global economy continues to recover from the pandemic, the demand for dry bulk transportation is expected to increase further, providing opportunities for companies like Diana Shipping Inc. to thrive.
